The week is filled with economic news, Alcoa kicked off earnings season last Tuesday with a Q1 loss of $0.59 per share and revenues declining 36%. We have some big names reporting this week including Goldman Sachs (GS) Monday, Intel (INTC) Tuesday, and Google, (GOOG) Thursday. Economic news for the week is as follows…
· Tues: Producer Price Index 8:30 AM ET
· Tues: Retail Sales 8:30 AM ET
· Weds: Consumer Price Index 8:30 AM ET
· Weds: Empire State Manufacturing Survey 8:30 AM ET
· Weds: Industrial Production 9:15 AM ET
· Weds: Housing Market Index 1:00 PM ET
· Thurs: Housing Starts 8:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Fri: Ben Bernanke Speaks 12:00 PM ET
OPTIONS EXPIRY 4-17-09!
You can find the list of earnings announcements here.
We have a target of 875 on the S&P at which a pause or pullback should occur. If we do pull back, we will watch for the pattern of higher highs and higher lows to be broken before becoming increasingly bearish. There are a lot of earnings announcements over the next few weeks so we should expect to see some whip saw action from day to day.
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